BimaPay targets Rs 5,000 cr corporate insurance premium financing by FY30

BimaPay Finsure, an insurance premium financing company, has ventured into the corporate insurance segment and aims to finance over Rs 20 crore worth of premiums by the end of FY26. Currently focused on retail insurance, it targets Rs 5,000 crore overall disbursement by FY30.

 

The company will cover all sectors including IT, logistics, healthcare, manufacturing and more, offering products such as group medical, fire and group personal accident insurance.

 

According to BimaPay Finsure, upfront insurance premiums can cause cash flow issues for many businesses, leading some to delay or reduce coverage. The company plans to charge these entities an interest rate of 14–18 per cent for financing, while the average ticket size will be around Rs 10–15 lakh. In the retail segment, the company charges 16–20 per cent interest on a reducing balance basis. 

 

BimaPay Finsure disbursed around Rs 350 crore in FY25 and plans to increase overall disbursement to Rs 5,000 crore by FY30, with a focus on the retail segment. “In the retail segment, we are targeting about Rs 1,000–2,000 crore worth of disbursements in the current financial year… Considering the market share, we hold nearly 50–60 per cent of the market. In the next five to seven years, if we grow at a similar scale, we would reach around Rs 4,000–5,000 crore, with 70–80 per cent of our portfolio being driven by retail, the remaining 20–30 per cent by corporate,” said Hanut Mehta, co-founder and CEO of BimaPay Finsure.

 

“The retail market is much more open to EMIs and there is much larger scope as health insurance penetration in India is less than 1 per cent, while the world average is 4 per cent. So, I think retail has more space to grow,” Mehta added.

 

The segment, which initially saw 20–25 per cent year-on-year growth, has accelerated to 50–70 per cent growth amid increased awareness, better adoption by agents or distributors, and rising healthcare costs and health insurance premiums. The management believes the insurance premium financing segment has the potential to reach Rs 10,000 crore.